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2014 Half Year: GT Bank Posts 7% Drop In PBT, Propose Dividend Yet Shares Drop

Nairametrics by Nairametrics
August 21, 2014
in Uncategorized
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GT Bank Plc released its 2014 Half year results showing pre-tax profits dropped 7% to N53.3billion (2013 H1: N57.3billion). The company also proposed 25kobo dividend and will cost the company about N7.3billion. Share price dropped 2% at the time of this report. The table below summarized the entire results.

GT Bank Plc20142013 
 H1H1%age Change
 N’mN’m 
Income Statement   
    
Gross Earnings       132,985        124,202 7.07%
Interest Income         99,716          92,000 8.39%
Interest Expense         (28,153)         (23,461)20.00%
Net Interest Income         71,563          68,539 4.41%
Exchange Commissions and Fees  #DIV/0!
Investment & Other Income         32,301          31,711 1.86%
    
Total Operating Income         103,864          100,250 3.60%
Operating Expenses         (45,363)         (41,569)9.13%
Operating Profit         58,501          58,681 -0.31%
Loan Impairment         (5,105)         (1,317)287.62%
Share of Profit/(Loss) of associate   
NCI   
Profit before Tax          53,396          57,364 -6.92%
Taxation         (9,388)         (8,349)12.44%
    
    
Profit after Tax         44,008          49,015 -10.22%
Tax as a %age of PBT17.58%14.55% 
Balance Sheet Highlights2014 H1Full Year 
Loans & Advances     1,038,691     1,007,967 3.05%
Deposits     1,568,451     1,442,702 8.72%
Net Assets         328,649          332,353 -1.11%
Retained Earnings         42,217          55,205 -23.53%
Total Assets     2,234,035     2,102,845 6.24%
Net Assets as a percentage of loans32%  
Indices   
Earnings Per Share (Kobo)             1.50              1.67 -10.22%
Outstanding Shares (Million)     29,431.18     29,431.18 0.00%
Interest Margin71.8%74.5%-3.67%
Operating profit as a percentage of Operating Income56.3%58.5%-3.78%
Net Interest as a percentage of loans7.0%  
Net Interest as a %age of average deposits4.8% #DIV/0!
Commission as a %age of Income0.0%0.0%#DIV/0!
Loans as a percentage of deposit69.0%  
Loan to Average Equity3.10  
Return on Average Equity13.3%  
Return on Asset2.7%  
Cost to Income Ratio45.9%42.0%9.32%
Loan Impairment to Operating Profit8.7%2.2%288.82%

 

Get the results as released in the NSE portal

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Tags: GT BankNigerian Company Results
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